Markets Update: Digital Currency Economy Surpasses $300 Billion
Digital currency prices have spiked considerably in the last 24 hours and bitcoin core (BTC) stopped short about $70 in an attempt to cross the $10K price zone. Most cryptocurrencies are up between 2-8% on Friday, June 21 and the entire cryptoconomy surpassed $300 billion.
$300 Billion and Still Rising
Six days ago news.Bitcoin.com reported on the surge that took place after a majority of cryptocurrency prices pulled back the week prior. This Friday, just before the weekend, on June 21 digital currency prices have spiked considerably and the entire market valuation of the 2000+ coins in existence has gained more than $25 billion. During the early morning trading sessions on Friday, BTC’s fiat value touched a high of $9,921 on Bitstamp but has since retreated to prices between $9,700 and $9,875.
At the time of writing 1 BTC is trading for $9,860 per coin and the market is up today by 5.6%. This is followed by ethereum (ETH) markets which are up 6.7% today and each ETH is swapping for $286. Ripple (XRP) is only up 3.5% and each XRP unit is trading for $0.44. Lastly, the fourth market cap position still belongs to litecoin (LTC) which has gained 2.4% today and is trading for $137 per LTC.
Bitcoin Cash (BCH) Market Action
Bitcoin Cash (BCH) markets have advanced today by 5.4% and each BCH has a price average of around $431 at press time. BCH trade volume has picked up and there’s been about $1.81 billion worth of BCH traded over the last 24 hours. BCH has jumped from the seventh top trade volume position to the sixth, just above XRP and below EOS. The largest pair trading against BCH this Friday is tether (USDT) capturing 40% of today’s BCH trades. This is followed by BTC (34%), USD (10%), ETH (5.5%), KRW (4.8%), and JPY (1.75%). The top five exchanges trading the most bitcoin cash before the weekend include Coinbene, Bibox, Hitbtc, P2pb2b, and the ZBG exchange. Bitcoin cash has an overall market valuation of $7.7 billion with 17,850,100 BCH currently in circulation.
BCH/USD Technical Indicators
Looking at the technical indicators on the 4-hour chart referencing the exchange Kraken shows that most oscillators are either neutral or signaling a buy opportunity. The Relative Strength Index (RSI) is high (~59.29) but still not indicating overbought conditions. Stochastic shows similar findings and the oscillator (~77.38) is impartial as well. The two Simple Moving Averages (SMA) still have a decent gap between the short term 100 SMA and the long term 200 SMA. With the 100 SMA trendline still above the long term 200 SMA, the path toward the least resistance is still pointing toward the upside.
Ichimoku Cloud (9, 26, 52, 26) baseline is neutral, but a majority of moving average indicators are bullish. The MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows more bullish upswings will likely come to fruition. Order books show BCH bulls have to surpass the $460 range again to keep the momentum going strong and there will likely be resistance within the $500 zone as well. On the backside, there’s still strong foundations at the current vantage point and the $385-400 region.
The Verdict: Overwhelming Optimism Coupled With Psychological Resistance
Overall, traders are extremely positive about the advancements and many are watching to see if BTC crosses the 5-digit price region once again. However, $10K represents a psychological resistance point which will be tough to overcome. So far, many cryptocurrencies are much healthier price-wise than they were back in December 2018. Traders believe the outlook is quite positive and digital assets will remain in a bullish trajectory as long as they don’t lose 30% of the value they’ve captured in 2019.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, Bitcoin.com Markets, JP Morgan, and Coinlib.io.
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